Dominion Energy Presents Merger Proposal In Front Of House Committee, One Condition Could Be Deal Breaker
Columbia, SC (WOLO)– Dominion Energy was back at the statehouse Wednesday, mapping out their merger proposal to the House Utility Ratepayer Protection Committee. The hearing went on for about four hours, but some house committee members are still not convinced merging is a good idea.
“Right now, I cannot go forward with any sort of deal that would have the ratepayer still paying for the failed nuclear project. Which part of their proposal has on the table. They want to be able to still charge under the Base Load Review Act the ratepayers for this failed project. And to me that just doesn’t sit well,” Rep. Peter McCoy said, from district 115.
The Base Load Review Act is what got SCANA in this debacle in the first place, allowing them to charge ratepayers for a project that is never going to be completed.
“I fixate on the $20 a month in the proposal that all ratepayers will be paying, I think for the next 20 years. When I think of my client base, people living on fixed incomes, people living on social security checks… people paying $20 a month for something they will never see. They may as well pay $20 a month to see a unicorn. They’re never going to get anything out of that. It seems grossly unfair,” Carla Damron said, with the National Association of Social Workers, S.C. Chapter.
“This deals allows stockholders of Dominion, and stockholders of SCANA to continue to profit from those extraordinary unjustified stakes. The only people who pay the price are ratepayers, and ratepayers are completely innocent and have no no responsibility for the bad management decisions that wasted that 9 billion dollars,” Bob Guild said, an attorney with Sierra Club and Friends of The Earth.
Dominion said the state has about six months to decide on the offer, but stakeholders are worried this is a repeat of 2007 when they were rushed to push the Base Load Review Act. Dominion Chairman, CEO, and President said they plan to take care of SCANA’s current employees for 20 years, if the Base Load Review Act is there to back them up.
Dominion’s offer said the average customer will receive about $1,000 back, an immediate 5% rate decrease, and a replacement gas fired power plant with no capital cost to customers. Since Dominion is the only one with an offer on the table right now, they say it is either them or possible bankruptcy for SCANA.
“Is this Dominion’s, to put it in real estate terms, is this Dominions best and final offer?” One of the representatives asked during the hearing.
“Yes sir,” Tom Farrell said, CEO, President and Chairman of Dominion.
A lot of representatives had questions, but they all said the number one thing holding them back was that ratepayers would still be punished for that failed nuclear plant.